Easy Deposit – Hard Withdrawal?
Alex

LEVEL 10 : SENIOR

REVIEWS 9 | REPLIES 84

#1411

Alex

August 24, 2015 at 10:21 pm

I’m sure that you have never had any problems when it comes to depositing money into your broker account, am I right? So why is it always an issue to withdraw these funds? This Problem can become a real pain in the you know what… The reason why depositing funds are so easy is because everybody wants to take your money. Who has ever said no for money and actually meant it? Now, on the other hand, nobody wants to give out money.

Why Do Brokers Request Documents

There are a few reasons why binary options brokers take ages to approve withdrawals. The first is related to economic restrictions, the second will be issues related to the broker itself and others are related to human factors. Most brokers try and stall the withdrawal process for as long as they can. They play all kinds of tricks with us, like offering ‘special promotions just for you”, they try to tie you in with a bonus, saying they never received your documents, and the list goes on. Everything the broker does is intended to make a withdrawal harder than a deposit. Do you know why they do this? They make use of these methods to try and convince you that you should keep your money with them. Otherwise how would they make money?

In order to make a withdrawal they request the following documents from you:

  • ID with picture
  • Proof of address (bank/credit card statement, utility bill)
  • Front and back copies that show the last 4 digits on your credit card

Traders start worrying that they will get scammed when brokers ask for this. I don’t blame them. Especially because internet fraud is at an all-time high. Sending your documents to a regulated broker I can still live with, but there is no excuse for an unregulated broker requiring any of your personal documents. It is quite scary when you think what they can do with that kind of information.

Easy Deposit – Hard Withdrawal Summary

The only issue is that when it comes to withdrawal times it’s either their way or the highway – no withdrawal. So we don’t really have a choice do we? If you ask me, withdrawals should be just as quick as a deposit. I understand processing times and bank delays, but the processing time for a broker to send out the withdrawal should be done the same day, just like the day they smiled when you clicked and made the deposit. Do your due-diligence on the broker beforehand. Check their regulation status if any and find out what their withdrawal times are.

Nickolas Witt

LEVEL 2 : NOVICE

REVIEWS 7 | REPLIES 4

#1482

tradingmachine

August 25, 2015 at 8:31 pm

I’m actually one of those people that were like wtf? why do you want my documents? just give me my money lol. It makes sense though that they need them but Im still not comfortable giving them this information. I dont like what they can do with them

Yaeko Joyce

LEVEL 2 : NOVICE

REVIEWS 7 | REPLIES 4

#1484

Yaeko1966

August 25, 2015 at 8:45 pm

Hi Nickolas

Rather safe than sorry hey bro? I must say that you should not under any circumstance give out your private info to brokers that are not regulated.. That will just be plain stupid. Other than that I must admit that it is quite annoying to deal with the brokers each time you want to withdraw your money. I dont know if im lucky or what but I have received my money each and every time. It takes longer some times but atleast im getting my money from them

All the best
Yaeko

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